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- $13.8-billion has been pledged to help South Africa decarbonise its economy
- More than half, $7.6-billion, is in concessional loans
- Critics are concerned that loans add to the burden of an already-challenged economy
In 2021, at COP26 in Glasgow, the International Partners Group (France, Germany, the UK, the US and the European Union, along with Denmark and the Netherlands) initially pledged $8.97-billion to help South Africa decarbonise its economy, a figure that has since increased to $13.8-billion.
Concessional loans make up $7.6-billion of this funding, which is more than half of the total amount. Concessional loans are loans offered on more favourable terms, such as reduced interest rates, but still require repayment.
Although concessional loans can reduce borrowing costs for South Africa, critics argue they still place a financial burden on the Global South, which is already disproportionately affected by climate adaption and socioeconomic challenges.
— 20 November, 2024Subscribe to the weekly newsletter for more charts like this
